Gold – Sideways to negative action likely

TVC:GOLD   CFDs on Gold (US$ / OZ)
Gold’s three-day losing streak which saw prices break below 50-DMA could lead to short-term loss of momentum and lead to a sideways action around $1330 before the slide resumes.

Also note, the daily RSI has reentered falling trend line , which adds credence to the view that further losses are likely. The 50-day moving average appears to have topped out as well.

On the downside, major support is seen at $1300, while bearish invalidation is seen only in case of a day end close above $1338.
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